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InterQuest thumps expectations

Recruiter InterQuest is benefiting from a recovering UK economy and has beat expectations in the first half of the year

Specialist IT recruitment group InterQuest (ITQ) continues to benefit from a recovering UK economy as it thumped analyst forecasts for the first half of the year.

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Net fee income (revenues excluding passed-on wage payments) jumped 34 per cent year on year, well above a forecast 25 per cent rise. Combined with good cost control and a canny acquisition, adjusted pre-tax profits rose a whopping 82 per cent to £2.4m - representing 58 per cent of broker Charles Stanley's prior full-year forecast. Following the announcement Charles Stanley increased its full-year estimate by 10 per cent to £4.4m.

Looking ahead, chief executive Mark Braund says he is "confident of further success in the second half of the year and beyond".